The Colby College Retirement Plan provides contributions to individually owned retirement annuity contracts issued by Teachers Insurance and Annuity Association-College Retirement Equities Fund (TIAA-CREF).

Contributions to annuity contracts are immediately vested, and participants may allocate contributions among different investment funds.

Human Resources has worked with TIAA-CREF to bring several valuable enhancements to our retirement plan, including non-TIAA-CREF investment options, TIAA-CREF Lifecycle Funds, personalized advice and planning services, and a dedicated website putting your retirement savings plan information at your fingertips. These enhancements are designed to make it easier for you to manage your retirement savings investments.

Voluntary: Group Supplemental Retirement Annuity (GSRA) 

Employees may participate in a voluntary GSRA account by completing a salary reduction agreement with the College and enrolling with TIAA-CREF. Within limits prescribed by law, such contributions are not subject to federal and state income tax; rather, earnings will be taxed when received as benefits upon withdrawal. Voluntary contributions can start, stop, or be changed monthly.

There is no waiting period to participate in a GSRA, and contributions can begin as soon as your account is established with TIAA-CREF. Colby does not match or contribute to the GSRA.

To set up an account with TIAA-CREF, visit Colby’s website maintained by TIAA-CREF.  Instructions can be found here.


Annual contribution limit

Contributions are subject to IRS income regulations.  For 2016 you may contribute up to $18,000 if you are less than 50 years old. If you are age 50 and above, you may contribute up to $24,000.

Mandatory: Retirement  Annuity  (RA)                                          

As a condition of employment, participation in a retirement annuity plan begins after two years of continuous eligible employment. The retirement plan requires contributions from both the College and the employee. The College contributes eight percent on the first $84,900 of base salary and ten percent on eligible earnings above $84,900. Employees will contribute two percent of their salary, and these mandatory contributions will be made on a salary-reduction basis. After you have successfully completed the two-year waiting period, contributions to an RA account will be initiated automatically.